Stride Property

Access solution enables supernormal revenue

At a glance

109% occupancy

When Parkable subscribers don’t need their 80 Greys Ave park for the day, they can share it with others on Parkable, creating supernormal occupancy and revenue

In-app gate access

Parkable’s Bluetooth access control solution provides seamless parker experiences, maintains security, and enables greater occupancy

Flexible solutions

Between long-term subscriptions, parks are made available to the Parkable community for daily parking, so there are no gaps in revenue generation

About Stride

Business overview

Stride Property is an NZX listed property company. They own and manage office, retail and industrial investment properties, with around 420 tenants across New Zealand. Stride’s properties are located across Auckland, Wellington, Rotorua, Morrinsville, Upper Hutt, Lower Hutt, Blenheim, Kaiapoi, Christchurch, Queenstown and Invercargill.

“Before Parkable, there was no solution to having empty car parks during a commercial vacancy. Now, I can continue generating revenue even between leases.”

Glenn Dyer, Commercial Asset Manager

The motivation

A commercial vacancy in a high-demand area for parking

In early 2020, Stride’s property at 80 Greys Ave had a commercial vacancy. The vacancy included 42 parking bays, which were sitting vacant in the Auckland CBD. The property is walking distance from major commuter zones including Aotea Centre and Karangahape Road, and has very high demand for parking.

The solution

Filling vacant parking space with Parkable

In February 2020, Stride Commercial Asset Manager Glenn Dyer implemented Parkable as a solution. 42 parking spots were listed on Parkable as subscription parks for long-term use, and within 4 weeks, every park was filled.

Another improvement came in mid-2020, when Parkable’s Bluetooth gate access feature was introduced at 80 Greys Ave. Instead of using a pin code to gain access, parkers could now open the gates using the Parkable app on their phone.

As well as creating a more seamless experience for parkers while maintaining security, Bluetooth gate access enabled another benefit for Stride. Whenever the long-term subscribers didn’t need to park for the day, they could easily ‘share’ their park with the rest of the Parkable community via the app. This allowed another person to pay to park in the same space on an hourly or daily basis, generating additional car park revenue.

“Parkable has given Stride a way to generate consistent revenue from a commercial vacancy. Their access gate solution is a real game changer.”

Glenn Dyer

The results

Sharing and access solutions lead to supernormal revenue

Since implementing Parkable, Stride’s unleased car parks at 80 Greys Ave have been fully occupied. Typical peak occupancy is 109% on days when subscribers share their parks with the Parkable community; whenever a park at 80 Greys Ave is shared, there is a high likelihood that another Parkable member will park there. This ability to share parks, enabled via Parkable’s access control solution, generates supernormal revenue for Stride.

Parkable is also flexible, so that whenever a long-term parker ends their subscription, their car park is made available to the rest of the Parkable community for hourly and daily parking until the next long-term parker begins the next subscription. This ensures that there are no gaps in occupancy and revenue generation. Even during Auckland’s lockdowns, 95% is the lowest occupancy level to date.

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